NASDAQ Index, S&P 500 and Dow Jones Forecasts – US Indices Rise Ahead of FOMC

The 47,000 level should be a significant amount of support, as it was a significant amount of resistance to the upside, and we can expect a little bit of market memory, I anticipate. This is obviously a very bullish market, and with this being the case, I do think it’s probably going to continue to be a buy-on-the-dip type of scenario.

S&P 500 Technical Analysis

The S&P 500 has rallied a bit during the early hours of Wednesday as well, as we are now above the 6,900 level. At this point, I don’t see much keeping us from getting to 7,000, although we may get a short-term knee-jerk reaction in the market after the announcement. Really, at this point in time, I think it ends up being a buying opportunity, with 6,800 underneath offering a bit of a floor in the market, as it had previously been resistance. So, I do expect to see a little bit of market memory in that neighborhood. I have no interest in shorting this market, nor do I have any interest in shorting any of the other U.S. indices.

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